Siemens’ Bosch Deal Marks Exit From Consumer Businesses
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Siemens AG is selling its stake in a home-appliance venture with Robert Bosch GmbH for 3 billion euros ($3.9 billion) after 47 years of ownership as Europe’s biggest engineering company exits its last consumer businesses.
The deal gives Munich-based Siemens cash for its plan to buy oil-and-gas equipment maker Dresser-Rand Group Inc. for $7.6 billion to exploit the boom in the U.S. natural-gas industry and expand more profitable energy operations. Both deals were announced today.